Vintage Energy (ASX: VEN) has successfully closed its Shortfall Offer fully subscribed, complementing the preceding Entitlement Offer and securing a total of $2.1 million. The funds are earmarked for the Production Uplift Program, aimed at significantly increasing gas output from the Odin and Vali gas fields, and for general working capital purposes. A total of 328.0 million shares were allocated under the Shortfall Offer to both new and existing shareholders, each new share inclusive of a non-tradeable option exercisable at 0.9 cents expiring March 7, 2027. Managing Director Neil Gibbins expressed appreciation for the support, welcoming new investors and highlighting the anticipated benefits of the Production Uplift Program on production, sales, and cash generation.
The Production Uplift Program, set to commence mid-July 2025 post-flood recovery in the Cooper Basin region, is projected to elevate raw gas production between 2.1 MMscf/d and 5.6 MMscf/d from the Odin and Vali gas fields. This uplift will be achieved through improved scale management and the opening of additional producing zones, with a projected cash payback period of fewer than three months. The final allocation of 89.8 million shares will bring Vintage Energy’s issued market capital to 2,086.9 million shares. Stralis Capital Partners acted as lead manager for the Shortfall Offer. The successful capital raising will enable Vintage Energy to aggressively pursue its production goals and strengthen its financial position.
